Título del libro: External Liberalization, Economic Performance And Social Policy
Título del capítulo: Mexico: Trade and Financial Liberalization With Volatile Capital Inflows: Macroeconomic Consequences and Social Impacts During the 1990s
JAIME FRANCISCO JAVIER ROS BOSCH;
Autores externos:
Idioma:
Inglés
Año de publicación:
2007
Palabras clave:
Brady agreement; Capital inflow; Economic crisis; Economic recovery; Income distribution; Labor market; Oil prices; Poverty; Privatization
Resumen:
By the mid-1980s, the Mexican economy was still suffering the consequences of the 1982 debt crisis, and these were compounded by the difficulties created by the collapse of oil prices in early 1986, but three years later, a turnaround had taken place. Following a successful heterodox stabilization program, which began in late 1987, a sharp reduction in domestic and external public debt, facilitated by a Brady agreement in mid-1989, and financed with large privatization revenues, Mexico returned to the international capital markets, and its economy finally appeared to be on its way to recover economic growth and price stability after almost a decade of economic decline and high inflation. When the North American Free Trade Agreement (NAFTA) was approved in 1993, optimistic expectations became even more rampant; this chapter addresses the question of why the country that was supposed to enter a period of sustained prosperity, and one of the most successful emerging markets, found itself in the mid-1990s immersed in the worst economic crisis in the last seventy years. In the first section, the balance of payments liberalization measures that preceded the episode of massive capital inflows of the early 1990s are reviewed, and its macroeconomic consequences discussed. The second section then examines how these macroeconomic developments were reflected in the labor market, the third section turns to the evolution of income distribution and poverty since the mid-1980s, and a concluding section draws lessons from the Mexican experience, and discusses the prospects of the economy after the crisis. © 2001 by Oxford University Press, Inc. All rights reserved.
Entidades citadas de la UNAM:
ISBN:
9780199783960
Editorial:
Oxford University Press Nombre de la publicación:
Mexico: Trade and Financial Liberalization With Volatile Capital Inflows: Macroeconomic Consequences and Social Impacts During the 1990s
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